If you’re a trader located in the UK or any other EU country which has adopted vat to be a medium of taxation you then should use online VAT registration for faster and secure vat registering. Most countries have computerised their vat operations and you too should reduce effort and time by using all online vat services offered by your own vat department.
In the UK vat rules specify that you could apply for vat registration if your taxable sales rise above the vat threshold limit of Â£70,000 in the past 12 months or if you feel that they are going to do so within the next 1 month, although you could register before your sales touch this figure. However, you can vatnumbersearch at the moment only complete basic vat online registration by filling up and submitting vat form 1 online. This form is generally utilised by small establishments. In case your organization is a partnership firm, a group of companies, or plans to do business internationally then you can download and print all vat registration forms but will be needed to fill up the form manually before sending it to the HM Revenue and Customs or hmrc vat department.
If you are planning to go in for online vat registration in another eu country which has adopted vat then you will have to first study all applicable vat rules before you decide to register your business online. Should you have trouble in deciphering uk vat or eu vat rules then its better if you appoint a vat agent or even a customs and excise customs vat agent in case you plan to conduct your small business on an international level. This will allow you to remain safe while following all vat rules in different countries with falling foul of any department.
When you send your vat online registration form to the hmrc department then you’ll receive a vat questionnaire within 15 days that will need additional details to be submitted such as your organization address, telephone and fax numbers, banking account numbers, and a lot of other details associated with your business including a few purchase and sales invoices.
As soon as your application is eligible you will receive your vat number and you’ll now need to alter your invoicing method to issue vat invoices for all of your sales. This vat invoice will need to display your vat no, vat rate, vat amount and also the same must also be displayed in your vat returns which will have to be submitted to the hmrc vat department at regular intervals.
Currently, in the United Kingdom you will discover 3 different types of vat rates applicable for all goods and services. The regular vat rates are 17.5% that is set to increase to 20% from January 4, 2011 onwards. There is a reduced vat rate of 5% plus a zero vat rate on specific services and goods that will remain the same. There’s also certain products or services which are vat exempt. However, the vat rates are different in each eu country even though basic concept of charging vat tax remains the same in most vat enabled countries.
If you want to register your organization for vat then going online may help save your time and also enable you to securely complete the necessary process needed for vat registration. You should simply log on to the hmrc vat department if your business is based in the UK or ask your vat agent to do this on your behalf before using online vat registration to have registered as a vat dealer without any problem.